Nail Your Interview

Leaving Your Job

Get HELP: Government financial assistance

Posted March 17, 2015, by Career FAQs team

Paying for study with a HELP loan scheme is a great way to make education affordable. But who actually qualifies for HECS-HELP or FEE-HELP? And, when do you have to start paying back your loan? We’ve put a spotlight on the government’s Higher Education Loan Program (HELP) to help you find the right financial assistance option for you.

HECS-HELP

What is HECS-HELP?

The HECS-HELP scheme provides you with access to a loan to help you pay your student contribution amount, with the added incentive of a discount for upfront payment of your tuition fees.

Am I eligible?

You must:

Be studying in a subsidised enrolment at university – known as a Commonwealth Supported Place.

Be an Australian citizen or permanent humanitarian visa holder.

Enrol with an approved provider, by the census date.

When do I starting paying back my loan?

You’ll start repaying your HELP debt once your taxable income reaches the compulsory repayment threshold. This threshold is adjusted every year.

The threshold for 2017-18 is $55,874.

Is there anything else I need to know?

HECS-HELP debts don’t incur interest, but are indexed annually in line with the Consumer Price Index (CPI).

The indexation rate for 2016 is 1.5% (reviewed and updated annually in March)

Disclaimer: This information is correct at the time of publishing, but is subject to change under the current government’s higher education reforms. The figures provided are applicable for the 2017-18 financial year only. For more information, visit StudyAssist [www.studyassist.gov.au].

To get started with your HECS-HELP application, or for more information, you can head to the StudyAssist website.

FEE-HELP

What is FEE-HELP?

FEE-HELP is a loan scheme to help students pay all, or part, of their tuition fees. You can only access FEE-HELP if you’re planning to study at a university or other private higher education institution that has been approved to offer FEE-HELP to eligible students.

Am I eligible?

You must:

Be enrolled in an eligible unit of study, offered by an approved FEE-HELP provider, by the census date; AND

Be an Australian citizen undertaking one unit of study in Australia; OR

Be a permanent humanitarian visa holder, residing in Australia for the duration of your unit; OR

Be a permanent visa holder undertaking bridging study for overseas-trained professionals, and residing in Australia for the duration of study.

When do I starting paying back

You’ll start repaying your HELP debt once your taxable income reaches the compulsory repayment threshold. This threshold is adjusted every year.

The threshold for 2017-18 is $55,874.

How much can I borrow?

In 2017 you can borrow up to $100,879 under the FEE-HELP scheme. For students studying medicine, dentistry and veterinary science courses, the FEE-HELP limit is $126,101.

Is there anything else I need to know?

There is a 25% FEE-HELP loan fee applied to undergraduate courses. This does not count towards your FEE-HELP limit, and is calculated for each individual unit you undertake.

HECS-HELP debts don’t incur interest, but are indexed annually in line with the Consumer Price Index (CPI).

The indexation rate for 2016 is 1.5% (reviewed and updated annually in March)

Disclaimer: This information is correct at the time of publishing, but is subject to change under the current government’s higher education reforms. The figures provided are applicable for the 2017-18 financial year only. For more information, visit StudyAssist [www.studyassist.gov.au].